Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) issued its estimated financial report for the first half of the current year. Accordingly, in the given period, Ansteel will achieve a net profit of RMB 155 million ($25 million), down about 26 percent year on year.
Ansteel stated that the acute worsening of steel market conditions and continuous decline in steel prices contributed to its poor financial result.
As reported by SteelOrbis previously, Ansteel achieved a net profit of RMB 19 million ($3.06 million), decreasing by 93.36 percent year on year in the first quarter of this year.